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wastefulwilma
Posts: 4 Newbie
I’ve been reading through lots of other diaries on here and thought starting my own might help with motivation and focus.
So, a bit of background.. I’m 25, work full-time and study part-time. OH is 28 and works full-time too. We have a 4 y.o. puppy and we own a house in London.
The point of this diary is more to build up savings than to pay down debt.
We do have debt, but it’s not really the sort of debt that can be overpaid. I have a loan which I took out when we bought our house, which goes down by £239 a month and will be paid off in just under 3 years. OH also has a debt with a DCA, from many moons ago, which has the interest frozen, and he pays off £100 a month. This will take another 5 years to get rid of, but I begrudge paying it off any earlier, not least because the original debt was a loan with PPI but because it was passed to a DCA we can’t reclaim. I also have a student loan and we have a mortgage, but I view those as ‘good debts’ so try not to get too hung up on them.
On the savings front, we have a modest amount tucked away. In the next three or so years we’d like to up sticks from London and move to Bristol (where I went to uni and where OH’s mum, step-dad and brother live) and also think about marriage/children. So, we need more than a modest amount.
I am ok with money, though tend to waste it a bit (the odd item of clothing I never wear, bits of food we don’t need). OH was awful with money when I met him, but is so much better now. He still likes to treat us, but he uses his own money for this, and aside from the old loan mentioned above doesn’t have any debt.
As it’s payday, here are the pots as they currently stand:
Household savings: £5,100
Holiday spending money: £500
Tax: £3,380 (OH is working on a self-employed basis temporarily atm, so we’re putting aside 1/3 of his pay for the tax bill)
Doubt anyone bothered to slog through that lot, but hoping the process keeps me on the straight-and-narrow. Onwards!
So, a bit of background.. I’m 25, work full-time and study part-time. OH is 28 and works full-time too. We have a 4 y.o. puppy and we own a house in London.
The point of this diary is more to build up savings than to pay down debt.
We do have debt, but it’s not really the sort of debt that can be overpaid. I have a loan which I took out when we bought our house, which goes down by £239 a month and will be paid off in just under 3 years. OH also has a debt with a DCA, from many moons ago, which has the interest frozen, and he pays off £100 a month. This will take another 5 years to get rid of, but I begrudge paying it off any earlier, not least because the original debt was a loan with PPI but because it was passed to a DCA we can’t reclaim. I also have a student loan and we have a mortgage, but I view those as ‘good debts’ so try not to get too hung up on them.
On the savings front, we have a modest amount tucked away. In the next three or so years we’d like to up sticks from London and move to Bristol (where I went to uni and where OH’s mum, step-dad and brother live) and also think about marriage/children. So, we need more than a modest amount.
I am ok with money, though tend to waste it a bit (the odd item of clothing I never wear, bits of food we don’t need). OH was awful with money when I met him, but is so much better now. He still likes to treat us, but he uses his own money for this, and aside from the old loan mentioned above doesn’t have any debt.
As it’s payday, here are the pots as they currently stand:
Household savings: £5,100
Holiday spending money: £500
Tax: £3,380 (OH is working on a self-employed basis temporarily atm, so we’re putting aside 1/3 of his pay for the tax bill)
Doubt anyone bothered to slog through that lot, but hoping the process keeps me on the straight-and-narrow. Onwards!
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Comments
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Hi OP
Just wanted to wish you good luck with your plans it looks like you have made a decent start already.1 Sealed Pot Challenge # 1480
2 Stopped Smoking 28/08/2011
3 Joined Payment A Day Challenge 3/12/2011
4 One debt vs 100 days part 15 £579.62/ £579.62New challenge £155.73/£500
5 Pay off as much as you can in 2013 challenge!£6609.20 / £75000 -
Good luck wastefulwilma!
YOu seem to be on the right track and doing well so far
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Thanks both! Do either of you have diaries? I find it so inspiring reading other people's stories.
Spent £16.50 on some train tickets to go see a friend this weekend who's just had a baby. Defo money well spent though.
No other spends today, small progress!0 -
welcome *waves* look forward to watching how you do MORTGAGE BALANCE when we moved Aug 2024, £120,000. January 1st £118,267.06. May 1st, £116, 123, June 1st, £115,536, New mortgage added for extension- £165,000 July 1st!Mortgage Overpayments - September-December, £152.46. Jan £103.27, Feb £115, March £91.50, April £100, May £200, June £200. July £200.
Total- £1162.23
Goal to pay off 1% of current mortgage in one year. £1200. (96.83% there)
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No, i dont have a diary as i wouldnt have much to report to be honest, LOL!0
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Spent the day trying to commute alongside the Olympic crowds. To be fair the mornings have been quiter and the evenings only slightly worse than normal. Plus, I am enjoying the tv coverage.
Spend of £3.88 today on lunch. OH did a bit of food shopping though which is fab, and even bought me some mojito, my favourite tipple. Love that man.
How are you guys getting on?0 -
Trying not to spend money is so difficult! Had to top up my Oyster card today which is £20 and won’t even buy me three days travel into work. Spent £6 on lunch yesterday (oops) and am meant to be going out for lunch with a friend today. And the dinner I made last night was really disappointing which just felt like a massive waste of money. Ugh.
Oh well, on a more positive note savings are now up to £9k, even if that’s a bit misleading as some of it will eventually belong to the tax man.
I’m on leave from work next week and I cannot wait, I’m absolutely exhausted. Looking forward to a week watching the Olympics, recharging my batteries, and catching up with friends and family that I haven’t seen in a while. Hoping I get a few days where I don’t actually leave the house, though the diary seems to be filling up fast. Neeeed sleeeep.0
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